ATLANTA--(EON: Enhanced Online News)--Revenue Analytics announced the winners of the 8th Annual Revenue Analytics Revenue Optimization Challenge at The Georgia Institute of Technology in Atlanta.
“This was a very competitive group of entries”
The Revenue Optimization Challenge was issued to MBA students in Professor Laurie Garrow’s Pricing Analytics and Revenue Management classes at Georgia Tech’s College of Management. Professor Garrow and Robert G. Cross, Revenue Analytics’ Chairman & CEO and author of The New York Times Business Best Seller, Revenue Management, were the judges of the Revenue Optimization Challenge.
The Challenge is designed to promote excellence in the creative use of Pricing and Revenue Management techniques to solve complex business problems and increase revenue and profits. The judging criteria include originality of ideas, financial impact, benefits to consumers and applicability of the principles to others.
The first winning team was comprised of Sean McGee, Adam de Silva, Max Pilzer, and Pratik Karan. They proposed an innovative application of Revenue Management techniques for Healthcare clinics which promises improved consumer choice for patients while increasing the profit potential of the clinic. Using historic data from a healthcare practice, the team segmented patients by type of procedure and their sensitivity to time availability at the clinic. Using multiple simulations, the team suggested an optimal price per procedure which would balance the capacity of the clinic with the need for the procedure while giving patients more options with respect to time and price. The team demonstrated higher utilization and revenue increases of 25% for the clinic.
The second winning team of MBA students included Sezin Kilincci, Arash Bozorgmehr, Tunca Senlet, and Rick Feiner. They formulated an approach to applying advanced Revenue Management techniques to pricing the sale of software to commercial accounts. They analyzed thousands of bid requests from previous quotes to determine a probable win rate. Using Revenue Management concepts, they re-segmented customers and developed new price points for each customer segment which would optimize the probability of winning at the greatest margin. The analysis showed that a profit improvement of 28.43% was achievable using Revenue Management concepts to price software in a highly competitive B2B environment.
“This was a very competitive group of entries,” remarked Revenue Analytics’ Robert Cross, sponsor of the Challenge. “It was very rewarding to see the teams take the core concepts of Revenue Management from the classroom and apply them successfully in very different industries. Each team had ingenious and rigorous approaches to showing how advanced analytics can help any entity understand customer demand and boost revenue from optimizing the price and availability of products.”
About Revenue Analytics
Revenue Analytics is the world’s leading consulting firm in designing visionary capabilities in Pricing and Revenue Management. Revenue Analytics partners with clients to create elegant solutions that deliver high impact results. The firm’s principals have successfully facilitated more than 100 previous clients uncovering over $10 billion in additional revenues. For more information, visit www.revenueanalytics.com.